Surety Bonds

Surety bonds are three-party, written agreements between you, the entity for which you are providing a service, and the institution which provides the assurance that you can and will perform the service. The legal terms you may have heard used are defined as follows:

• You or your company is known as the Principal.

• The group or organization for whom you are performing the service is the Obligee. This is usually a city, town, or state.

• The institution backing your promise to perform the service is the Surety.

American Insurance Brokers can help you obtain surety bonds that will allow your company to make contracts and perform jobs anywhere in South Florida or Miami. Our knowledgeable and experienced insurance agents can help you assess your business's assets, working capital, and debts as well as its history of success in completing similar projects. Combined with your credit score, we can write surety bonds that satisfy Florida's legal and fiduciary requirements.

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Some of the surety bonds we regularly write are:

• License and Permit Bonds required by Florida for certain business activities, such as general contracting, tax bonds, and environmental protection bonds.

• Public Official Bonds guaranteeing "honesty and faithful performance" of those who are appointed or elected to government office.

• Probate and Other Court Bonds. These are posted by those seeking judicial remedies or who are defending against legal actions against them.

• Miscellaneous Surety Bonds, an eclectic category for bonds that are needed to insure private or business relationships that don't fit into any of the above categories.

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Fidelity Bonds

A fidelity bond indemnifies you, the insured, for losses caused by fraudulent or dishonest acts on the part of your employees that may have the intent to cause losses to your business and benefit the employee or others.

• Blanket coverage fidelity bonds cover all your employees.

• Scheduled fidelity bonds cover only those employees who are specifically named, or positions within the company which are named in the bond.

With employee fraud causing business owners more than $3 billion in annual business profits, company owners should consider purchasing a fidelity bond. In South Florida, Miami, and everywhere else in the United States, a fidelity bond is a legal agreement among three parties. The difference is that the insurer or Surety pays the you, the Principal, in the event of any loss by employees covered by the bond.

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American Insurance Brokers: Writing Surety and Fidelity Bonds

for over 20 Years

Drop in at one of our local offices to discuss your business's needs regarding fidelity or surety bonds with our highly experienced and friendly agents. At AIB, we're proud to serve our Miami and South Florida communities by writing surety and fidelity bonds that meet everyone's needs.